Transportadora de Gas del Norte SA Class C (TGNO4) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Transportadora de Gas del Norte SA Class C ARS 2,828, price ARS 3,680, upside -23.1%, quality 74 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 36.30 ARS – 5,030 ARS · fair‑value band 2,024 ARS – 4,112 ARS · the 3,680 ARS price screens above the 2,828 ARS fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Transportadora de Gas del Norte S.A. engages in the natural gas transportation in the north and central west regions of Argentina. The company operates and maintains approximately 11,222 km of both own and third party pipelines.
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Transportadora de Gas del Norte S.A. engages in the natural gas transportation in the north and central west regions of Argentina. The company operates and maintains approximately 11,222 km of both own and third party pipelines. It also provides operation, maintenance, integrity, pipeline connection and hot taps, engineering, pipeline works management, consulting, training, SCADA and communications, community, damage prevention, and special projects services to third-party pipelines in Argentina, Chile, Mexico, Peru, and Uruguay. Transportadora de Gas del Norte S.A. was incorporated in 1992 and is based in Buenos Aires, Argentina. The company operates as a subsidiary of Gasinvest S.A.
Stock analysis
Transportadora de Gas del Norte SA Class C (TGNO4) currently trades at 3,680 ARS, while our model-based Fair Value estimate is 2,828 ARS, implying the stock looks roughly 30.1% overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 20,449 ARS per share, and 22 of the 26 models we run sit above the 3,680 ARS price.
Bear case: the Asset-Based group reads lowest at 1,557 ARS, and 4 of the 26 models stay below the price. Evidence for this calculation is medium.
Scenario range: 2,024 ARS (bear) to 4,112 ARS (bull), the price of 3,680 ARS sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 74/100 (solid quality), in the Energy sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Transportadora de Gas del Norte SA Class C reported revenue of 601B ARS in FY2025 versus 20.0B ARS in FY2021, a compound +134.0%/yr. Reported net income was 219B ARS in FY2025.
Key figures
Market cap 1.6T ARS (≈ $1.1B) · P/E ratio 7.3 · P/S ratio 2.68 · EPS (TTM) 444.28 ARS · Net margin 36.5% · Return on equity 18.0% · Return on assets (EBIT) 3.1% · Operating margin 43.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (medium confidence).
What moves the price
The share trades about 27% below its 52-week high and 64% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Energy peers we cover trades at −11% fair-value upside, at −23%, TGNO4 screens richer than that median.
Fair Value models
Bear 2,024 ARSFair Value 2,828 ARSBull 4,112 ARS
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (324.99 ARS per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.80/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+19.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+144.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+99.7%
Start year 2020 (pandemic). Over 10 years: +95.1% a year
Revenue growth 10 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+95.1%
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What shareholders gained per year (last 3 years), in ARS (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 3 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. Measured in ARS: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+28.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+28.1%
Dividend (yield on the price)0.0%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.23% → 45%
2025 sits 141% above its own trend. The rate follows the median trend of the last 3 years, not that single year.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−2.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Argentina: IMF forecast 13.8% a year to 2030) that is about −14.1% a year for the price.
Compare Transportadora de Gas del Norte SA Class C with another stock
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Oil & Gas Midstream · 85 stocks
Beats the industry median on 9/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score74 · Top 25%
Fair Value upside−23% · Below median
Profitability
Return on equity (TTM)18% · Above median
Return on assets13% · Top 25%
Net margin (TTM)32% · Top 25%
Operating margin (TTM)44% · Above median
Growth and dividend
Revenue growth2% · Below median
Dividend yield (TTM)0.0% · Bottom 25%
Valuation Multiplesvs Oil & Gas Midstream median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Transportadora de Gas del Norte SA Class C Fair Value". https://www.fairvalue-calculator.com/stock/TGNO4
Frequently asked questions
Is Transportadora de Gas del Norte SA Class C (TGNO4) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 2,828 ARS versus a price of 3,680 ARS, about −23% upside (overvalued).
What is the fair value of TGNO4?
Our model-based fair value for Transportadora de Gas del Norte SA Class C is 2,828 ARS (as of Sep 24, 2026), built from audited fundamentals. The current price: 3,680 ARS.
What is the quality score of TGNO4?
Transportadora de Gas del Norte SA Class C has a Quality Score of 74/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Transportadora de Gas del Norte SA Class C (TGNO4)?
Our model-based price target is the fair value of 2,828 ARS (as of Sep 24, 2026) from 26 valuation models. Cautious scenario 2,024 ARS, optimistic scenario 4,112 ARS. It is a calculation from audited fundamentals, not an analyst target.
What is the Transportadora de Gas del Norte SA Class C stock forecast for 2026?
Our models put fair value at 2,828 ARS, about −23% upside versus a price of 3,680 ARS (overvalued). Cautious scenario 2,024 ARS, optimistic scenario 4,112 ARS. The calculation is refreshed regularly with new filings.
What is the revenue of Transportadora de Gas del Norte SA Class C (TGNO4)?
Transportadora de Gas del Norte SA Class C reported trailing-twelve-month revenue of about 603B ARS (latest available figure, as of Sep 24, 2026).
What growth is priced into Transportadora de Gas del Norte SA Class C (TGNO4)?
For today's price to be fair in a discounted-cash-flow model, Transportadora de Gas del Norte SA Class C would have to grow free cash flow by -2.2 % per year for five years (discount rate 20.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +99.7 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of TGNO4 use?
Our models discount Transportadora de Gas del Norte SA Class C at 20.7 %: a base by market capitalisation (small), country premium for Argentina. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Transportadora de Gas del Norte SA Class C that is -2.2 % per year a year over ten years, using the same discount rate (20.7 %) and the same formula as our fair value.
How much growth has Transportadora de Gas del Norte SA Class C (TGNO4) delivered so far?
Over the past 5 years revenue at Transportadora de Gas del Norte SA Class C grew +99.7 % a year. The price currently implies -2.2 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Transportadora de Gas del Norte SA Class C (TGNO4) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Transportadora de Gas del Norte SA Class C (-2.2 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Transportadora de Gas del Norte SA Class C (TGNO4)?
The free-cash-flow yield on the price is 21.99 %: that much free cash flow Transportadora de Gas del Norte SA Class C produces per unit of market value. When it exceeds the discount rate of our models (20.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Transportadora de Gas del Norte SA Class C (TGNO4)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Transportadora de Gas del Norte SA Class C it is 2,828 ARS per share (as of Sep 24, 2026), against a price of 3,680 ARS. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Transportadora de Gas del Norte SA Class C stock overvalued or undervalued in 2026?
As of Sep 24, 2026, TGNO4 trades above its calculated fair value: price 3,680 ARS, fair value 2,828 ARS, a gap of about −23% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of TGNO4?
No. The price is what the market pays today (3,680 ARS); the fair value is what the company's own numbers justify (2,828 ARS). For Transportadora de Gas del Norte SA Class C the two are 851.64 ARS per share apart. That gap is exactly why we show both numbers side by side.
How much is Transportadora de Gas del Norte SA Class C worth?
The market values Transportadora de Gas del Norte SA Class C at about 1.6T ARS (market capitalisation, as of Sep 24, 2026). Per share that is 3,680 ARS; our models calculate a fair value of 2,828 ARS per share.
What do the bullish and bearish scenarios say about TGNO4?
Our models span a range for Transportadora de Gas del Norte SA Class C: cautious scenario 2,024 ARS, base 2,828 ARS, optimistic 4,112 ARS per share (as of Sep 24, 2026, price 3,680 ARS). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TGNO4?
Transportadora de Gas del Norte SA Class C trades at a price-to-earnings ratio of 7.3 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 2,828 ARS is built from several models across several years. Other multiples: P/B 1.6, P/S 2.7, EV/EBITDA 4.8.
How solid is the balance sheet of Transportadora de Gas del Norte SA Class C (TGNO4)?
Balance-sheet figures for Transportadora de Gas del Norte SA Class C (as of Sep 24, 2026): return on equity 18.0%. They feed the Quality Score of 74/100, which measures business quality independently of the share price.
How far is TGNO4 from its 52-week high?
Transportadora de Gas del Norte SA Class C trades at 3,680 ARS, about 27% below its 52-week high of 5,030 ARS and 64% above the low of 2,241 ARS (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 2,828 ARS is for.
Which stocks are comparable to Transportadora de Gas del Norte SA Class C?
From the same area (Energy) we also value Enbridge Inc, The Williams Companies, Inc, Enterprise Products Partners L.P., Kinder Morgan, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Transportadora de Gas del Norte SA Class C stock attractive at the current price?
The data as of Sep 24, 2026: price 3,680 ARS, calculated fair value 2,828 ARS (−23%), Quality Score 74/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of TGNO4 calculated?
We run Transportadora de Gas del Norte SA Class C through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 2,828 ARS, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.2 % above its aggregate fair value. Transportadora de Gas del Norte SA Class C itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Transportadora de Gas del Norte SA Class C (TGNO4)?
The closing price on Sep 23, 2026 was 3,680 ARS. Our model-based fair value is 2,828 ARS, about −23% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Transportadora de Gas del Norte SA Class C right now?
A high-quality business (quality 74/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety. A fairly wide model range (2,024 ARS to 4,112 ARS) leaves room in how you read the outcome.
Key figures of Transportadora de Gas del Norte SA Class C
How large is the market capitalisation of Transportadora de Gas del Norte SA Class C (TGNO4)?
The market capitalisation of Transportadora de Gas del Norte SA Class C is 1.6T ARS (≈ $1.1B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Transportadora de Gas del Norte SA Class C (TGNO4)?
The price-to-sales ratio of Transportadora de Gas del Norte SA Class C is 2.68 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Transportadora de Gas del Norte SA Class C (TGNO4)?
Earnings per share at Transportadora de Gas del Norte SA Class C are 444.28 ARS (price ÷ EPS = P/E 7.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Transportadora de Gas del Norte SA Class C (TGNO4)?
The net margin of Transportadora de Gas del Norte SA Class C is 36.5% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Transportadora de Gas del Norte SA Class C (TGNO4)?
The return on equity (ROE) of Transportadora de Gas del Norte SA Class C is 18.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Transportadora de Gas del Norte SA Class C (TGNO4)?
On an EBIT basis the return on assets of Transportadora de Gas del Norte SA Class C is 3.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Transportadora de Gas del Norte SA Class C (TGNO4)?
The operating margin of Transportadora de Gas del Norte SA Class C is 43.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Transportadora de Gas del Norte SA Class C (TGNO4)?
Revenue at Transportadora de Gas del Norte SA Class C is growing +1.9% versus a year earlier (3y avg +145%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Transportadora de Gas del Norte SA Class C (TGNO4)?
Earnings per share at Transportadora de Gas del Norte SA Class C are growing +63.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Transportadora de Gas del Norte SA Class C (TGNO4) carry?
The net debt of Transportadora de Gas del Norte SA Class C is 84.3B ARS (fiscal year 2024, ≈ 0.2 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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